Bitcoin price flash crashed on Bitmex to as low as $8900. It took only two minutes to fall Bitcoin price this low from $67k but then it recovered back quickly to 67k. A flash crash is defined as the sudden drop in the price and then recovery with same speed.
According to some analyst it is stated that the incident followed by a whale who sold 8500 btc at one driving the price to fall that low. Which could be true so it happened because of less liquidity on Bitmex exchange. Users whose orders got filled at $8900 must have been very happy.
On the other hand Bitmex have not officially told till now that what actually happened, all they said is that they are investigating the issue. Well, without any doubt Bitmex did a Bitcoin discount sale today.
This is not the first time it happened in crypto , there have been reported a lot of similar cases in the past where the prices fall to low levels due to short of liquidity . During the Bitcoin incident on Bitmex the price of Bitcoin remained the same on other exchanges.
Well, if you wants to get some discounted crypto make sure to set low price orders as you could be lucky anytime. But for this you have to find exchanges who have less liquidity. But this is not risk free as you can lost funds in the hands of untrusted exchanges. Low liquidity exchanges are usually not fully trusted hence it could lost your funds if they quit and run.
Now coming back to the market behaviour , It was not a good day for crypto holders as Bitcoin price dropped from $68k to $62k as a result altcoin prices dropped heavily. Some of altcoins dropped as low as 40%.
If you are a regular reader of my blog posts then you know that i have already told in my previous posts that a pull back could happen before the big bullrun. My prediction came true for Bitcoin to drop to $62k.
Good thing is that Bitcoin has recovered back to $65k and is struggling for $66k now. The Resistance seems heavy in this area as people who bought lower are unloading their nags to book profit. This is normal in crypto.
We know that bitcoin has risen more than 50% in the last few days so a correction is normal before another leg up. People who are selling now will definitely regret in the future as Bitcoin has no top.
Bitcoin Halving is just a few days away , only 32 days left in the event. People selling before halving are doing big mistake. Halving is bullish as the morning rewards will cut into half further. This will make bitcoin more rare and valuable. Bitcoin will melt faces , its just matter of time. Just keep holding your bags.
Thats it for today. Thanks for reading. What do you think about my today's topic? Let me know your thoughts in comment section. In the end i would like to Wish you and your family a happy day ahead. Stay Blessed.
Motivation Dose
Get out of your comfort zone and fight the troubles and hurdles that come your way to success. Success awaits you. Life is beautiful ، live it to the fullest. Dont be hopeless. Stand strong in the ups and downs of life as its part of life. There is always a light behind every dark side.
About Author
@coolguy222 is a crypto trader and content creator on hive blockchain. He also runs a small business of Mobile accessories and Wrist watches. He loves to make new friends.
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